What to Expect at Completion

Completion day! It’s hard to tell who is more excited — the person buying a new home, or you for having sold it. Completion, simply the day on which the process is complete or finished, brings a terrific sense of closure. Soon, you will be able to move on to the next chapter. But before you do, read this!

 

The sale is not binding until you have exchanged contracts with the buyer. Until then, either they or you can pull out of the agreement without any penalty. (After, if they or you decide not to go through with the sale, then compensation is owed.)

 

After contracts are exchanged, a date for completion is set. Typically, this is at least two weeks after the exchange. This gives you and the buyer the opportunity to arrange removals. The buyer’s conveyancer or solicitor will transfer the Certificate of Title to their mortgage lender, who, after a final check to ensure finances have not changed, then releases the money to you.

 

Now, you will leave the house on the date agreed upon in the contract and arrange for the buyers to receive the keys. Congratulations!

 

But wait… are there any obstacles you should beware of? When you get to completion, you can breathe a little easier. However, with any process, there can be setbacks. For example, if something material changes in the buyer’s finances, it could cause the lender to reverse their decision or to extend a lower loan amount. The buyer must also be prepared to pay solicitor’s fees, stamp duty and other costs. If they don’t, it can delay completion.

 

Work with Doorsteps’ expert estate agents to ensure the process is as smooth and convenient as possible. Completion should be a day of great excitement for both parties.

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